ATLANTA, April 28, 2011 /PRNewswire/ -- CryoLife, Inc. (NYSE: CRY), an implantable biological medical device and cardiovascular tissue processing company, announced today its results for the first quarter of 2011. Revenues for the first quarter increased 2 percent to a quarter record of $30.2 million compared to $29.7 million for the first quarter of 2010.
"We continue to post record quarterly revenues and generate strong operating cash flow, allowing us to invest in our internal product pipeline and pursue strategic business development opportunities," stated Steven G. Anderson, president and chief executive officer. "With last year's acquisition of worldwide manufacturing and distribution rights to PerClot®, and the pending acquisition of Cardiogenesis, we are repositioning the Company for accelerated revenue and earnings growth."
Net income for the first quarter of 2011 was $1.7 million, or $0.06 per basic and fully diluted common share, compared to net income of $1.9 million, or $0.07 per basic and fully diluted common share, for the first quarter of 2010. Excluding pretax expenses of $1.2 million related to the Company's proposed acquisition of Cardiogenesis and other business development activities, non-GAAP adjusted net income for the first quarter of 2011 was $2.4 million, or $0.09 per basic and fully diluted common share.
Preservation service revenues for the first quarter of 2011 increased 1 percent to $15.7 million compared to $15.6 million for the first quarter of 2010. The increase in preservation service revenues for the first quarter of 2011 was primarily due to an increase in vascular tissue average service fees and an increase in shipments of vascular tissues, largely offset by a decrease in shipments of cardiac tissues.
Product revenues, which consist primarily of sales of BioGlue®, P